We are having so many problems with our Mortgage Co and now they want to foreclose, and we do not have the funds to repay the loan and since we live in a Manufact House it is hard to get some one to refinance us. Can we sell it our selves before they set a Forclosure Date? I live in Fl
2006-10-04 10:59:41 · 9 answers · asked by Mrs. Worley 3 in Business & Finance ➔ Renting & Real Estate
Yes you can, if you are a good sales person
otherwise, get a realator!
2006-10-04 11:03:11 · answer #1 · answered by Anarchy99 7 · 0⤊ 0⤋
Once the process is started you cannot sell it. Whether you can sell it or not before that happens is an open question, and it depends on how much equity you have in the property. To sell a house quickly you would have to lower the price but how low you can go depends on the equity. It is possible to refinance anything but you will not get a decent rate and the fees will be very high, and by the time it is all said and done you might be worse off than you are now. You cannot refinance from a conventional source now because you obviously have been very late on you mortgage payments for some time and that will kill your chances right there.
You might be looking at a refi situation where you would have to settle for a rate of close to 30% and pay maybe 10 points in fees. That's the way it goes.
2006-10-04 11:12:15 · answer #2 · answered by Kokopelli 7 · 0⤊ 2⤋
Absolutely, sell your house before it is foreclosed. If you received a Notice of Default then you still have time to sell. You may just have to sell below market price to get it sold quickly. It's better to sell at a loss, then to be foreclosed. Foreclosure means your credit will be ruined for a long time. It would be hard to get a loan, huge or small.
You can sell with a realtor, a foreclosure lawyer or sell on your own. Try this new web site, www.BuySellListings.com. You can sell your Pre Foreclosed home yourself and it's free. Plus you can add up to 10 photos. Buyers will have free access to the pre foreclosure listing which means interested buyers will contact you directly.
Good luck.
2006-10-04 11:48:54 · answer #3 · answered by escpforever 2 · 1⤊ 0⤋
Most definitely. The mortgage companys primary concern is simply to be paid and recoup their investment by any means necessary. So why not market it yourself and get something out of your investment as well. I am a loan officer with Alternative Mortgage Funding Corporation as well as a real estate agent with Exit Real Esate Professionals in Orlando, FL. If you need further assistance, please email me at:
ladecee@hotmail.com
Also check out our company website at alternativemortgageonline.com
2006-10-04 11:34:53 · answer #4 · answered by Lade Cee 1 · 1⤊ 0⤋
The commerce line on your credit record will say both "paid" or "settled for lower than owed". in words of your credit status, that diverse deisgnation is fairly sensible, and the "lower than what develop into owed" verbiage is incomprehensible. The late funds, once you've any earlier the quick sale, might want to be the worst that takes position, and which will decrease in damage after a twelve months or 2. the actual shown actuality that you've offered and made almost as good as you could on the non-public loan fairly of in simple terms letting it bypass is amazingly good. you've, to a huge degree, kept your credit in the destiny. common your credit in 2 years will be very almost almost as good because it develop into earlier all this in case you keep your nostril sparkling.
2016-12-04 06:46:39 · answer #5 · answered by fiddler 4 · 0⤊ 0⤋
Yes you can. But don't waste time. Get it done and get your house sold. Forclosures on your credit rating are terrible. The other option is filing for personal bankruptcy. Florida is one of the states where you can keep your house.
Where in Florida are you? I might be interested in buying. Please email me at ironwalt@yahoo.com
2006-10-04 11:13:03 · answer #6 · answered by ironwalt 2 · 0⤊ 0⤋
"Once the process is started you cannot sell it."
Bullshit.
I do real estate closings and handle sales on houses in foreclosure all the time. Just did a closing on one yesterday in fact.
2006-10-04 14:08:25 · answer #7 · answered by BoomChikkaBoom 6 · 1⤊ 0⤋
Please select a Realtor to help you quickly. Do not let it forclose, it would be a nightmare on your credit history. If you want I can make a referral for you, just email me where in FL you are.
2006-10-04 11:51:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
YES!! But act quickly. Get yourself to a realtor or real estate attorney as soon as possible!!!
(Good luck)
2006-10-04 11:04:46 · answer #9 · answered by Harvie Ruth 5 · 1⤊ 0⤋